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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Kurt R. who wrote (9902)3/13/1998 12:31:00 PM
From: jlallen  Read Replies (2) of 20681
 
Kurt: In your post to Mr. Pearson you mentioned some open questions. I'd like to address them.

1. What happened to the J/L deal? I would suspect that the company has not exercised the option as it was not mentioned. I say this because I believe we got all the information yesterday, every number, no averages, etc., good and "bad". Full disclosure. Also, the results were not as Dr. Johnson promises so if there is going to be any deal at all I suspect it would have to be renegotiated.

2. Will JJ keep the voting proxy on 10 million shares? NO. See above. I think Mr. John has control over only his own shares at this point and only to the extent they are not otherwise restricted. If he bought a lot of stock and warrants in pps, he will be in the stock with all of us for a while still.

3. Why are the numbers considerably lower than the ones previously reported? Who knows. They are what they are and they are still better on average than anything BRE-X reported. Hot hole? Could be any number of reasons. I'd rather have more reasonable results like these in any event. It makes the Naxos story easier to believe in the market and on the street. Recovery will put an end to much of the assay controversy.

4. What happened to the PGMs? I personally believe the company has been concentrating on the gold. I understand you don't perform one type of assay to detect Au, Pt and Palladium all at the same time. I hope we may see some PGMs soon.

5." Founder's flips." Spilt milk. Who cares? If it happened it probably can't be undone.

In my opinion the important questions are:

1. Who's on the committee to select the CEO? I hope Mr. Arkoosh is aboard that committee. I'd like to suggest he'd be a good candidate for Chairman with respect to the upcoming AGM. Also, a timetable should be established and adhered to in order to boost confidence that the company means what it says.

2. What is the company's plan for proving up the reserves?

3. Are Ledoux and RGM going to continue to pump out weekly results while the other two labs come on line?

4.When is the +200 hole drill program coming on line?

5. When will the company drill a hole down to the bottom of the playa so we get some idea as to how much ore is really at FL?

6. Are we more likely to be able to settle up with the ASC now?

7. If so, has a US attorney been retained to begin working on the NASDAQ listing?

8. Is the stock being promoted to more than one investment banking house? If not, why not?

Sorry for the length of this post. JLA
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